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Statements

Subject Item
n2:RIV%2F61989100%3A27510%2F14%3A86086790%21RIV15-MSM-27510___
rdf:type
skos:Concept n16:Vysledek
rdfs:seeAlso
http://dx.doi.org/10.1016/j.econmod.2013.12.016
dcterms:description
This paper investigates the effect of aggregate shocks on the fiscal stance of the EU, and of its old (OMS) and new (NMS) member states over a business cycle. The fiscal stance is measured by the government deficit. To study the impact of aggregate shocks, we use impulse responses derived from a pooled structural vector autoregression model estimated on annual panel data. We find that the fiscal deficits of OMS could be vulnerable to discretionary changes in government expenditures and revenues. In contrast, the fiscal stance of NMS shows vulnerability to GDP shocks, because the increase in revenues after a positive GDP shock is often outpaced by greater expenditure increases in NMS. The estimated fiscal vulnerabilities stem from disproportionate policy responses concerning government expenditures and a lacking discipline to control pro-cyclical fiscal spending. Our findings for the EU thus support application of fiscal rules focused on government expenditure rather than other fiscal variables. This paper investigates the effect of aggregate shocks on the fiscal stance of the EU, and of its old (OMS) and new (NMS) member states over a business cycle. The fiscal stance is measured by the government deficit. To study the impact of aggregate shocks, we use impulse responses derived from a pooled structural vector autoregression model estimated on annual panel data. We find that the fiscal deficits of OMS could be vulnerable to discretionary changes in government expenditures and revenues. In contrast, the fiscal stance of NMS shows vulnerability to GDP shocks, because the increase in revenues after a positive GDP shock is often outpaced by greater expenditure increases in NMS. The estimated fiscal vulnerabilities stem from disproportionate policy responses concerning government expenditures and a lacking discipline to control pro-cyclical fiscal spending. Our findings for the EU thus support application of fiscal rules focused on government expenditure rather than other fiscal variables.
dcterms:title
EU fiscal stance vulnerability: Are the old members the gold members? EU fiscal stance vulnerability: Are the old members the gold members?
skos:prefLabel
EU fiscal stance vulnerability: Are the old members the gold members? EU fiscal stance vulnerability: Are the old members the gold members?
skos:notation
RIV/61989100:27510/14:86086790!RIV15-MSM-27510___
n3:aktivita
n12:S
n3:aktivity
S
n3:cisloPeriodika
C
n3:dodaniDat
n4:2015
n3:domaciTvurceVysledku
n18:2956772
n3:druhVysledku
n9:J
n3:duvernostUdaju
n8:S
n3:entitaPredkladatele
n19:predkladatel
n3:idSjednocenehoVysledku
15179
n3:idVysledku
RIV/61989100:27510/14:86086790
n3:jazykVysledku
n14:eng
n3:klicovaSlova
Macroeconomic Shocks, Fiscal Stance, European Union, Panel Data Analysis, Pooled Structural Vector Autoregression Model.
n3:klicoveSlovo
n7:Fiscal%20Stance n7:Panel%20Data%20Analysis n7:Macroeconomic%20Shocks n7:European%20Union n7:Pooled%20Structural%20Vector%20Autoregression%20Model.
n3:kodStatuVydavatele
NL - Nizozemsko
n3:kontrolniKodProRIV
[B2C48A93B199]
n3:nazevZdroje
Economic Modelling
n3:obor
n11:AH
n3:pocetDomacichTvurcuVysledku
1
n3:pocetTvurcuVysledku
2
n3:rokUplatneniVysledku
n4:2014
n3:svazekPeriodika
38
n3:tvurceVysledku
Melecký, Martin Dybczak, Kamil
n3:wos
000334137900012
s:issn
0264-9993
s:numberOfPages
15
n15:doi
10.1016/j.econmod.2011.07.011
n13:organizacniJednotka
27510